(27 September 2010 – UK) Stuart Gulliver, head of the group’s investment banking unit, is expected to take over as HSBC’s new chief executive officer.The dramatic senior management shake-up comes after the surprise resignation from executive chairman, Stephen Green, who is to join the British government as Trade Minister early next year.
HSBC was in planning mode for Mr Green’s departure; however only a few weeks ago he announced that he would be exiting earlier than expected.
A board meeting will be held in Shanghai next Wednesday, when the nominations for the shuffled changes are expected to be approved by directors.
Iain Mackay is expected to be named finance director. He was appointed chief financial officer of HSBC’s AsiaPacific operations last September after holding the same role in North America.
Mr Geoghegan will be replaced by Stuart Gulliver, who has a strong reputation in Britain but is untested as a leader of an institution with thousands of employees. He also has little retail banking experience.